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#1
12-31-2007, 10:16 AM
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Loss of Down Payment - Tax DeductableWhat is the name of your state? PA We were going to build a home in 2007. We our down payment, then dedcied not to go through. We ended up losing that down payment. Is this considered a loss that would be tax deductable? Thanks ... |
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#2
12-31-2007, 10:25 AM
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| Quote:
__________________ When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it. --W. T. Pooh (aka A. A. Milne) |
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#3
12-31-2007, 12:13 PM
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| It is not deductible.
__________________ This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post. |
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#4
12-31-2007, 01:00 PM
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| Abezon is correct, it is not "deductible". However, I seem to recall something about down payment on the building of a personal residence being "lost" and that amount able to be used as an increase in basis on the property actually purchased. That's why I used the probably not. It's New Year's and don't have my resources here at home so can't really give an answer, it's just that I seem to have a recollection of something that could give benefit for the money spent.
__________________ When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it. --W. T. Pooh (aka A. A. Milne) |
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